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Wednesday, December 21, 2011

LBS Bina bullish on meeting sales target

Property developer, LBS Bina Group Bhd, is confident of achieving RM800 million sales target despite tough market

In a statement today, managing director, Datuk Lim Hock San, said 2012 was expected to be a challenging yet confident year for LBS.

He said My First Home Scheme and other government initiatives would contribute 20 per cent to the group's total revenue.

"Currently, LBS Bina has a land bank of some 920 hectares with an estimated gross development value (GDV) of RM9.1 billion, that will keep it busy for the next few years," he said.

Lim said LBS Bina would be launching 13 projects comprising 2,085 units with a GDV of RM1.5 billion together with some 19 ongoing projects with a GDV of RM562 million.

He expected landed property for both affordable homes and high-end homes would be the highlight next year amid scarcity of land in urban areas.

"At the same time, property prices would continue increasing but at a lower rate compared to this year, especially in a 'central' location," he said.

By Bernama

Tenders for KLIFD project now open

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) has started a tender process on major foundation works for the Kuala Lumpur International Financial District (KLIFD), where a pre-qualification exercise is currently under way.

The tender invitation is scheduled for completion in mid-February, while the construction is expected to start in the first quarter of next year.

1MDB, is inviting contractors to participate in the construction and completion of earthwork and excavation works, retaining structure, piling works and related sub-structure works.

"This is probably among the largest earthworks, covering the size of about 20 football fields or 12ha, and excavating about 20m into the ground." 1MDB Real Estate Sdn Bhd deputy CEO of operations Datuk Azmar Talib said .

1MDB said the pre-qualification notice, advertised on December 8 2011 in the newspapers, will close on January 6 2012. It is also available at

By Business Times

Court: Ho Hup has no standing

PUTRAJAYA: The Court of Appeal has ruled that Ho Hup Construction Co Bhd has no locus standi to bring a legal action against its subsidiary Bukit Jalil Development Sdn Bhd, and Pioneer Haven Sdn Bhd, over a joint development agreement (JDA) on a 24.3ha land.

A three-member panel of the Court of Appeal comprising Justices Zainun Ali, Ramli Ali and Zaharah Ibrahim made the ruling unanimously, and as such, reversed the High Court decision which was in favour of Ho Hup Construction.

“On the issue of whether Ho Hup has locus standi in its own right to bring an action (against the appellants), our answer is in the negative.

“The directors that Ho Hup can restrain are the directors of Bukit Jalil Development only, not of Ho Hup itself, as the asset in question (the 24.3ha land) is the asset of Bukit Jalil Development,” Justice Zainun ruled yesterday.

The appellate court also ruled that the JDA between Bukit Jalil Development (a 70% subsidiary of Ho Hup Construction) and Pioneer Haven (a wholly-owned unit of Malton Bhd) did not amount to a disposal of the land.

“Unless and until the land is registered in the name of Pioneer Haven, the land remains the property of Bukit Jalil, which has indefeasible title over the land,” Justice Zainun ruled.

It was previously reported that Ho Hup had entered into the JDA (via Bukit Jalil Development) with Pioneer Haven on March 16 last year, with a plan to see the partners jointly develop the freehold land in Bukit Jalil into a mixed commercial and residential project.

Later that year, Ho Hup filed the suit against Bukit Jalil Development, Pioneer Haven and nine others over the matter.

In June this year, the Kuala Lumpur High Court had ruled that Ho Hup's previous board of directors had acted in breach of its duties to Ho Hup by committing Bukit Jalil Development to the JDA, and that Pioneer Haven had knowingly assisted in those breaches.

The High Court had found that the JDA was, in substance, a disposal of the land, and as such, required the approval of shareholders under Section 132C of the Companies Act, 1965.

As no such approval was obtained, the High Court ruled that the JDA was null and void, which would enable Ho Hup Construction to proceed with its financial regularisation plan, which had been delayed pending the outcome of the suit.

Pioneer Haven and seven others then appealed against the High Court decision.

Representing Pioneer Haven was counsel Datuk Seri Muhammad Shafee Md Abdullah, while lawyer Malik Imtiaz Sarwar stood for Ho Hup Construction.

Ho Hup told Bursa Malaysia yesterday that it would be filing an appeal to the Federal Court.

“Meanwhile, the Court of Appeal has given Jan 30, 2012, as the hearing date for an application to be filed by Ho Hup for an order for the preservation of the rights and interests of Ho Hup,” it said.

By The Star